Browse the complete Report on: Greece Insurance Report Q4 2010
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Writing in July 2010, we have been able to ensure that the report includes actual data for 2009. We have generally been able to use data that was published in 2010 to adjust our forecasts for the year as a whole. According to the EAEE, the Greek insurers’ trade association, premiums for 2009 totalled EUR4.94bn, which includes non-life premiums of EUR2.45bn and life premiums of EUR2.49bn. In 2014, we expect the corresponding figures to be EUR6.35bn, EUR2.71bn and EUR3.64bn respectively. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to remain virtually static, at 1.00% across the forecast period. Life density should rise from US$313 per capita to US$399. BMI’s Insurance Business Environment Rating (IBER) for Greece is 60.5 out of 100.
We include a discussion of developments within regional markets, on the basis of results published by major cross-border companies and the latest information provided by regulators and/or trade associations. Greece’s Insurance Sector
Figures published by the Private Insurance Supervisory Committee (PISC) in late 2009 show that in the first nine months of the year non-life premiums rose by 8.07% year-on-year (y-o-y) to EUR2.29bn. By contrast, life premiums dropped by 5.50% y-o-y to EUR1.79bn. The implication of these figures is that the Greek insurance sector performed well compared to its peers in Central and Eastern Europe in what was a difficult period. Of the countries in the region whose insurance sectors are monitored by BMI,
Greece experienced the greatest growth in non-life premiums prior to Q409. The contraction in life premiums needs to be considered in relation to the 3-4% growth in Croatia and the Czech Republic (the best performers by this measure) and contractions of 15-20% in Hungary, Poland and Russia. Much of the growth in non-life insurance was accounted for by an increase in compulsory motor third party liability (CMTPL) premiums, which rose by 13.4%, to EUR969mn, in the first nine months of 2009. Three other, much smaller, lines also achieved strong growth. Assistance premiums rose 21.5%, while credit insurance premiums grew 23.9%. Premiums for miscellaneous financial losses soared by 41.7% to EUR18mn.
he conclusion is that particular Greek businesses moved to take advantage of products offered by local insurers in order to reduce financial risk in the face of volatile market conditions.
Conversely, a number of non-life lines’ premiums contracted in the first nine months of 2009. These include accident insurance, ship/hull insurance and insurance for goods carried. Premiums for CASCO and fire insurance, which accounted for about 15% each of total non-life premiums, increased marginally. In late 2009 the European Foundation for the Improvement of Living and Working Conditions (Eurofound), an EU agency, noted that the interests of 1mn policy holders and more than700 employees of troubled insurance group Aspis Pronoia had been left in limbo following the September 2009 decision by PISC to revoke the insurer’s operating licence. According to the regulator, Aspis Pronoia failed to meet the necessary solvency margins and had failed to meet obligations to policyholders and employees. Aspis Pronoia’s management unsuccessfully tried to have the decision reversed pending a new capital increase. Government decision-making was hampered by the transition prior to the October 2009 election. The company’s employees, with the backing of the Greek General Confederation of Labour (GSEE), organised demonstrations calling on the new Minister of Finance, Giorgos Papakonstantinou, to intervene on their and the policyholders’ behalf.
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Contact:
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Tel: +1-888-989-8004
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Browse All Business Monitor International Market Research Reports
Writing in July 2010, we have been able to ensure that the report includes actual data for 2009. We have generally been able to use data that was published in 2010 to adjust our forecasts for the year as a whole. According to the EAEE, the Greek insurers’ trade association, premiums for 2009 totalled EUR4.94bn, which includes non-life premiums of EUR2.45bn and life premiums of EUR2.49bn. In 2014, we expect the corresponding figures to be EUR6.35bn, EUR2.71bn and EUR3.64bn respectively. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to remain virtually static, at 1.00% across the forecast period. Life density should rise from US$313 per capita to US$399. BMI’s Insurance Business Environment Rating (IBER) for Greece is 60.5 out of 100.
We include a discussion of developments within regional markets, on the basis of results published by major cross-border companies and the latest information provided by regulators and/or trade associations. Greece’s Insurance Sector
Figures published by the Private Insurance Supervisory Committee (PISC) in late 2009 show that in the first nine months of the year non-life premiums rose by 8.07% year-on-year (y-o-y) to EUR2.29bn. By contrast, life premiums dropped by 5.50% y-o-y to EUR1.79bn. The implication of these figures is that the Greek insurance sector performed well compared to its peers in Central and Eastern Europe in what was a difficult period. Of the countries in the region whose insurance sectors are monitored by BMI,
Greece experienced the greatest growth in non-life premiums prior to Q409. The contraction in life premiums needs to be considered in relation to the 3-4% growth in Croatia and the Czech Republic (the best performers by this measure) and contractions of 15-20% in Hungary, Poland and Russia. Much of the growth in non-life insurance was accounted for by an increase in compulsory motor third party liability (CMTPL) premiums, which rose by 13.4%, to EUR969mn, in the first nine months of 2009. Three other, much smaller, lines also achieved strong growth. Assistance premiums rose 21.5%, while credit insurance premiums grew 23.9%. Premiums for miscellaneous financial losses soared by 41.7% to EUR18mn.
he conclusion is that particular Greek businesses moved to take advantage of products offered by local insurers in order to reduce financial risk in the face of volatile market conditions.
Conversely, a number of non-life lines’ premiums contracted in the first nine months of 2009. These include accident insurance, ship/hull insurance and insurance for goods carried. Premiums for CASCO and fire insurance, which accounted for about 15% each of total non-life premiums, increased marginally. In late 2009 the European Foundation for the Improvement of Living and Working Conditions (Eurofound), an EU agency, noted that the interests of 1mn policy holders and more than700 employees of troubled insurance group Aspis Pronoia had been left in limbo following the September 2009 decision by PISC to revoke the insurer’s operating licence. According to the regulator, Aspis Pronoia failed to meet the necessary solvency margins and had failed to meet obligations to policyholders and employees. Aspis Pronoia’s management unsuccessfully tried to have the decision reversed pending a new capital increase. Government decision-making was hampered by the transition prior to the October 2009 election. The company’s employees, with the backing of the Greek General Confederation of Labour (GSEE), organised demonstrations calling on the new Minister of Finance, Giorgos Papakonstantinou, to intervene on their and the policyholders’ behalf.
About Us
ReportsandReports comprises an online library of 10,000 reports, in-depth market research studies of over 5000 micro markets, and 25 industry specific websites. Our client list boasts almost all well-known publishers of such reports across the globe. We as a third-party reseller of market research reports employ a number of marketing tools, such as press releases, email-marketing and effective search-engine optimization techniques to drive revenues for our clients. We also provide 24/7 online and offline support service to our customers.
Contact:
Ms. Sunita
7557 Rambler road,
Suite 727, Dallas, TX 75231
Tel: +1-888-989-8004
http://reportsandreports.blogspot.com/
http://reportsandreports.proarticles.co.uk/
http://reportsnreports.wordpress.com/
